setzt wurde. Und Auszug aus Ragingbull.com zu UPGD Upgrade Misses Its Deadline to File Financial Forms (Update4)
By Jonathan Make
Upgrade Misses Its Deadline to File Financial Forms (Update4)
(Adds Empyrean comment in the last paragraph.)
Seattle, March 2 (Bloomberg) -- Upgrade International Corp.,
a maker of smart-card information-storage products, missed its own
deadline for filing financial information with regulators, and its
shares fell 22 percent.
Upgrade's shares fell 8 1/8 to 28 3/4 on the Nasdaq Stock
Market. They've fallen 68 percent from a record of 89 7/8 on Jan.
Chief Executive Daniel Bland said last month he'd file a form
10-K, which reports revenue and other financial information, to
the U.S. Securities and Exchange Commission by last Friday, ahead
of a May deadline. Lawsuits seeking class-actions status allege
that Bland, Upgrade's biggest investor, made false statements
about the company, inflating the stock price.
``You can't get a financial statement out of them,'' said
Mark Baker, a Fort Lauderdale, Florida, individual investor who
sold all of his ``several thousand'' shares last month on concern
they could fall more. ``My perception of the company is they
probably have some problems.''
Officials of Seattle-based Upgrade said today they still
hadn't filed the document and couldn't immediately say when they
planned to. The company has never filed reports with regulators.
The National Association of Securities Dealers has started to
require all companies on the Over-the-Counter Bulletin Board, on
which Upgrade trades, to file financial forms with the SEC.
The NASD rules, approved in 1998, could eventually force as
many as half of the 6,500 small companies off the bulletin board
as they're phased in this year.
Bland wasn't available to comment, and the company declined
to comment on the lawsuit. He was president previously of Empyrean
Diagnostics Ltd., a Canadian company that regulators criticized
for filing problems.
In an interview last month, Bland said Upgrade has developed
a new way to store information on smart cards that it will license
to banks and Internet retailers. The company has yet to record
Since Bland left Empyrean in June 1996, the company has
voluntarily delisted from the Vancouver Stock Exchange and moved
to the U.S., spokesman Steve Phillips said. The company, now based
in Cleveland, sells hand-sanitizer lotion.
Tel. Deutsche Börse: 069 2101 1800
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